Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, has reported a 74.84% year-over-year (YoY) rise in revenue to ₹4.81 billion (~$56.15 million) from ₹2.75 billion (~$32.1 million) in the fourth quarter (Q4) of the financial year (FY) 2024-25.

The company’s net profit jumped 82.72% to ₹939.12 million (~$10.96 million) from ₹513.97 million (~$6 million) in the same quarter of the previous year.

Its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) rose by 67.79% YoY to ₹1.26 billion (~$14.68 million) in Q4 FY25 from ₹752.9 million (~$8.7 million).

It reported earnings per share (EPS) of ₹8.98 (~$0.104) compared to an EPS of ₹4.91 (~$0.057) in Q4 FY24.

Full Year Results

Waaree Renewable Technologies reported a consolidated revenue of ₹16.13 billion (~$188,32 million) in FY25, an 83% increase from ₹8.81 billion (~$102.86 million) in FY24.

The company has attributed the revenue growth to a rise in execution of high-value EPC projects. In FY25, its revenue from its EPC business jumped by 83.21% to ₹15.72 billion (~$183.54 million) from ₹8.58 billion (~$100.17 million) in FY24.

Its net profit jumped by 57.91% YoY to ₹2.29 billion (~$26.73 million) in FY25 from ₹1.45 billion (~$16.92 million).

Its EBITDA rose by 50.06% YoY to ₹3.11 billion (~$36.25 million) in FY25 from 2.07 billion (~$24.13 million).

The company reported an EPS of ₹21.95 (~$0.25) in FY25 compared to an EPS of ₹13.89 (~$0.16) in FY24.

Waaree has completed more than 10,000 solar projects of a cumulative capacity of 2.32 GW.

Some of the company’s notable EPC contracts in FY25 included completing a ~2 GW ground-mounted solar project, a 255 MW ground-mounted solar project, a 105 MW turnkey EPC project, and a 40 MWh Battery Energy Storage System (BESS).

The company has commissioned projects of 2.32 GW, including 58.55 MW of rooftop solar power projects. Currently, nearly 3,263 MW projects are under execution. It also has ~695 MW of projects under operation and maintenance contracts and 2.29 MW of floating solar power projects in its portfolio.

It has also developed 54.82 MW of solar power projects and is setting up a 41.6 MW independent power producer project.

The company has an unexecuted order book of 3,263 MW in FY25 and executed projects of 1,524 MW capacity.

This year, the company expanded its portfolio into BESS EPC solutions. The company has a total order book of ~ 26.5 GW, comprising 3.2 GW in solar EPC and 40 MWh in BESS EPC.

It has a manufacturing capacity of ~15 GW of modules and 5.4 GW of cell capacity. The company is planning to expand its module manufacturing capacity to 25.7 GW.

In Q3 FY25, the company reported a total revenue of ₹3.6 billion (~$41.57 million), an 11.5% YoY growth from ₹3.24 billion (~$37.41 million). The revenue from the EPC segment amounted to about ₹3.51 billion (~$40.6 million), a 12.14% YoY increase from ₹3.13 billion (~$36.20 million).

In Q2 FY25, it posted a total revenue of ₹5.24 billion (~$62.24 million), an increase of 249.5% YoY.